Oil hovered near its highest level since August on Friday amid rising geopolitical risks after U.S. President Donald Trump warned Tehran that it had a “maximum” 15 days to reach a deal with the U.S. or “bad things will happen”.
Benchmark Brent crude futures slipped 0.2 percent to $71.53 a barrel but were set for a 6 percent weekly gain.
WTI crude futures were down 0.3 percent at $66.22 after adding about 7 percent in the prior two sessions.
A stronger dollar prompted traders to book profits at higher levels as investors waited for cues from the release of U.S. GDP and PCE inflation data later in the day.
After the failure of multiple rounds of U.S.-Iran nuclear talks, Trump has set a 10-15 day deadline for Iran to agree nuclear deal or face “bad things”.
With potential U.S. military action looming, Iran has warned that U.S. bases in the Middle East could be “legitimate targets” if Washington attacks.
British Prime Minister Keir Starmer has reportedly blocked a request from Trump to allow U.S. forces to use U.K. air bases during any pre-emptive attack on Iran, saying it could break international law.
Elsewhere, U.S. Ambassador to India Sergio Gor said today that the United States doesn’t want anyone buying Russian oil and President Trump “has been clear on this.”
Underlining Washington’s push for India to diversify its crude imports amid the ongoing Ukraine conflict, Gor said that discussions are underway between the U.S. Department of Energy and India’s Ministry of Energy over potential imports of Venezuelan crude.
Market Analysis
Oil Prices Hover Near Six-month High On US-Iran Tensions
2026-02-20 09:41:17
